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August 1, 2009

Advertiser, HI - A new bill signed into law this month by Gov. Linda Lingle has some frequent Las Vegas visitors and local CPAs scratching their heads. Under House Bill 1495, no longer will gamblers be able to offset their winnings with their losses for Hawai'i state income tax purposes. Previously gamblers would be taxed only on their net winnings, but now they will be taxed on gross winnings.

A Hawai'i resident who wins $10,000 in a year, for example, and loses $9,000 in the same year used to be taxed only on the $1,000 in net winnings. Under the new law, that resident would be taxed on the full $10,000 in winnings.

6 Comments:

Anonymous said...

This is a wonderful incentive to not gamble, so there is some good to the measure. Nevertheless, the states will continue to suffer with insufficient revenue until they co-opt the taxes sent by their residents to Washington.

Local governments just want to suck the blood out of people. They should encourage citizens to earn money through wealth producing activities. Slot machines and roulette wheels funnel money the into slimy hands of crooks and politicians, but produce nothing of value. AND THE MONEY IS NEVER ENOUGH! THE MORE YOU GIVE THEM, THE MORE THEY BURN.

its the choice of the person if they want to gamble but make the bill fare . maybe we should do that to the stock market make so you cant claim you losses then will you tell people dont play the stocks

this bill will mess up everything less people will go to vegas bad for the airlines an you are restricting the public from just having a little fun.The public should not be tax for somthing like that make it fair . Let them write off there losses .A the winning is not coming out of this state . So shall we tax you again if you buy somthing from another state.I bet you will be crying if that happen to you.the people i office spend money the wrong way an tax us for there mistakes.Look out for another stupid state bill. It might affect you vacation to lol. this is for the august 1 comment at 735 pm

I ask because Chinese people are well-known for enjoying gambling, and since Hawaii has MANY Chinese among the population, it could be that this stupid law will end the political careers of the fools who put it in place.